Feb
21

This Is San Francisco’s Plan to Get the 1 Percent to Pay Up

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The proposed tax hikes on mansions would generate $26.8 million in extra annual revenue.

There’s a new target in San Francisco’s income inequality wars: luxury mansions. Jane Kim, a member of the city’s board of supervisors, is seeking to put a proposal before the voters in November that would increase transfer taxes on homes sold for more than $5 million, with properties worth more than $25 million incurring a minimum fee of $750,000 typically paid by the sellers. “There is a strong sense right now in San Francisco that affordability is the No.?1 issue, and the economic divide that we’re seeing here is unprecedented and stark,” says Kim, a civil rights lawyer who’s running for the state legislature. “While we cannot stop people from coming to San Francisco and encouraging this luxury economy, we can ask them to help pay for the crisis that they are contributing to.”…
This Is San Francisco’s Plan to Get the 1 Percent to Pay Up
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